In April 2022, the Bank of Italy issued its first Supervisory expectations for climate and environmental risks, containing non-binding indications for supervised banking and financial intermediaries on the integration of climate-related and environmental risks into their governance and control systems, business model and strategy, organizational system and business processes, risk management system and market disclosure.
In conjunction with similar initiatives for less significant institutions (LSIs), the Bank of Italy distributed a self-assessment questionnaire to a sample of 86 non-bank intermediaries to determine to what extent climate and environmental risks have been integrated into their organizational systems.
In this regard, the Bank of Italy has now published the main findings of the self-assessment which, among other things, asked the governing bodies of all non-bank intermediaries to adopt specific action plans designed to encourage the gradual integration of climate and environmental risks into their corporate strategies, governance and control systems, and into their risk management frameworks.
